Godrej Properties adds new residential project in Navi Mumbai

The Mumbai-based real estate developer will acquire two plots in Sanpada, Navi Mumbai from the City and Industrial Development Corporation (CIDCO).

Godrej Properties (GPL) announced the addition of a new residential project in Sanpada, Navi Mumbai. GPL emerged as the highest bidder in the CIDCO e-auctioning process with the total bidding value of Rs 166 crore for the two adjacent plots.

The project is situated approximately 1 km away from Palm Beach, Sanpada in Navi Mumbai. It offers a well-developed social and civic infrastructure with schools, hospitals, residential and commercial spaces in close proximity.

Spread over approximately 1.5 acres, this project will offer about 4 lakh square feet of development potential comprising primarily of premium residential apartments of varied configurations with a small amount of high street retail at the base of the development.

Shares of Godrej Properties gained 0.21% to Rs 1,542.15 on BSE. Godrej Properties is engaged in construction and real estate development.

Godrej Properties' consolidated net profit tumbled 69.3% to Rs 14.35 crore on a 55.5% fall in net sales to Rs 170.49 crore in Q3 FY21 over Q3 FY20.

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